Phillips Edison & Company

What Phillips Edison & Company does

Phillips Edison & Company, Inc. (NASDAQ: PECO) is a publicly traded real estate investment trust founded in 1991 and headquartered in Cincinnati, Ohio. It is the second-largest grocery-anchored shopping center landlord in the United States, owning and operating 326 shopping centers totaling 33.7 million square feet across 31 states. The company focuses on necessity-based retail — anchored by national and regional grocery operators including Kroger, Publix, H-E-B, ALDI, Sprouts Farmers Market, and Fresh Thyme — alongside discount retailers (T.J. Maxx, HomeGoods) and approximately 5,500 small-business tenants that PECO brands as "Neighbors."

The operating model is built on a fully integrated in-house platform covering leasing, property management, accounting, acquisitions, and financing. PECO operates a four-region leasing team (North, West, Southeast, National Accounts) and a National Accounts program that coordinates multi-market expansion for national retailers. The technology layer includes DashComm, a trademarked 24/7 tenant portal for rent payment, maintenance requests, sales reporting, and emergency alerts (integrated with VersaPay ARC for electronic invoicing), and proprietary PECO Power Score and Gold Score analytics for acquisition underwriting. An all-cash acquisition strategy enables 30-45 day closings.

Revenue is generated primarily through rental income (base rent, percentage rent, lease charges) across the wholly-owned portfolio and managed services fees on joint-venture properties (notably the programmatic JV with Cohen & Steers Income Opportunities REIT). As a REIT, PECO is required to distribute at least 90% of taxable income as dividends; the current monthly dividend is $0.1083 per share. Growth is funded through a recurring capital plan of $350 million senior unsecured note offerings paired with active acquisitions (~$400-500M target for 2026) and selective dispositions of non-core assets, alongside development/redevelopment and outparcel programs that add incremental value within the existing footprint.

Name

Phillips Edison & Company

Legal name

Phillips Edison & Company, Inc.

Website

https://phillipsedison.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

251–500 employees

Short description

Phillips Edison & Company (NASDAQ: PECO) is a publicly traded REIT and the second-largest grocery-anchored shopping center landlord in the U.S., operating 326 centers totaling 33.7 million square feet across 31 states, leased to national/regional grocery anchors, discount retailers, and approximately 5,500 small-business tenants.

Ownership category

akta.pro rank

Product category

Grocery-Anchored Shopping Center REIT

NAICS

Building Material and Garden Equipment and Supplies Dealers (444)

SIC

Retail-Building Materials, Hardware, Garden Supply (5200)

akta.pro primary industry

Mid-Tier Full-Line Department Stores (CRAGACAA)

Keywords

• Grocery-anchored retail
• Shopping center leasing
• Net lease REIT
• Commercial real estate investment
• Retail property management

Headquarters

HQ city

Cincinnati

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income: Primary revenue stream from leasing shopping center space to retailers (Neighbors) through base rent, percentage rent, and other lease-related charges. As a REIT, the company must distribute at least 90% of taxable income as dividends to shareholders.
2. Property Management Services: Provides real estate management services to joint ventures and funds, generating fee income from third-party managed properties.
3. Property Acquisitions and Dispositions: Growth through acquisition of grocery-anchored shopping centers and selective dispositions of non-core assets, targeting $400-500 million in gross acquisitions annually.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Phillips Edison & Company owns and operates a 326-center, 33.7 million square foot portfolio of grocery-anchored neighborhood and community shopping centers across 31 U.S. states, leasing space primarily to national and regional retailers selling necessity-based goods and services. The company provides fully integrated in-house leasing, property management, accounting, acquisition, financing, and development/redevelopment services, complemented by a proprietary tenant platform (DashComm), specialty leasing for short-term uses, and outparcel development.

Product overview

Phillips Edison & Company (PECO) is a REIT operating grocery-anchored shopping centers across the United States. Its offerings are not a SaaS platform but rather an integrated real estate operating business combining several service lines: (1) the core shopping center portfolio managed through PECO's integrated platform (leasing, property management, accounting, acquisitions, dispositions, development/redevelopment); (2) DashComm, a proprietary tenant-facing communication portal providing rent payments, maintenance requests, and sales reporting; (3) Specialty Leasing for short-term pop-up and temporary tenants; (4) Outparcel Development for pad site development; and (5) National Accounts for coordinating multi-market retailer expansions. PECO uses internal proprietary tools (PECO Power Score and Gold Score) for acquisition analysis.

Differentiator

Problem solved

Functional benefit

Brands

• DashComm: Customer communication platform for tenants (called 'Neighbors') providing 24/7 access for rent payments, property management requests, sales reporting, and emergency alerts.
• Locally Smart
• Space for All
• Building Space for All

Products and services

• Grocery-Anchored Shopping Center Leasing Core service offering comprising leasing of space within Phillips Edison's 326 grocery-anchored shopping centers across 31 U.S. states. Targeted at national and regional retailers (grocery anchors, discount retailers, service providers) and local/small business operators (Neighbors) needing high-traffic, grocery-anchored locations with strong demographics and consistent foot traffic. Lease structures include base rent, percentage rent, and other lease-related charges.
• DashComm Tenant Platform Proprietary tenant communication and customer service platform provided to PECO Neighbors (tenants) offering 24/7 self-service for rent payments, maintenance requests, sales reporting, and emergency alerts via SMS. Integrates VersaPay ARC for electronic invoicing and payments. Accessed via dashcomm.com and the Phillips Edison Neighbors portal.
• Specialty Leasing Short-term leasing program offering flexible space options ranging from hours to up to one year, including food trucks, pop-up shops, ATMs, advertising, EV charging stations, solar installations, cell towers, community events, and vending machines. Available across PECO's 300+ grocery-anchored shopping centers for short-term and seasonal operators.
• National Accounts Program Program connecting national retailers with multi-market leasing opportunities across the company's portfolio, enabling national tenants to expand into multiple markets through a coordinated leasing process managed by the Chief Leasing Officer and VP of National Accounts & Retailer Partnerships.
• Development & Redevelopment Service for ground-up development and value-add redevelopment of grocery-anchored shopping centers, including site selection, design, construction management, and grocer partner coordination. Targeted at new market entry and enhancement of existing properties.
• Outparcel Development Acquisition, build, and lease of outparcel (pad) sites within and adjacent to existing grocery-anchored centers, including multi-tenant development, build-to-suit, and joint venture structures. Offered to national retailers, restaurants, and service tenants seeking drive-by visibility and adjacency to grocery anchors.
• Acquisitions & Dispositions Services In-house acquisitions service that buys grocery-anchored shopping centers nationwide for the company's portfolio (typically all-cash, 30-45 day closings, $400-500 million annual gross acquisition target) and dispositions of select non-core assets. Counterparty services for sellers and joint venture partners.

Quantifiable outcome

• 97.1% portfolio occupancy rate maintained in Q1 2026
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Cohen & Steers Income Opportunities REIT (CNSREIT)coreStrategic or Co-development Partner · 2 June 2026Programmatic joint venture partnership for acquiring necessity-driven grocery-anchored shopping centers. CNSREIT acquires properties through the JV with PECO providing asset management and operations expertise. Acquired Oracle Crossings (266,000 SF, 96% leased, Sprouts/HomeGoods anchored) in Arizona and Springs Plaza (195,000 SF, 99% occupied, ALDI/Ross/Ollie's anchored) in Florida. Represents CNSREIT's fourth acquisition with PECO.
• SCOREminorStrategic or Co-development PartnerPECO sponsorship with SCORE Foundation, a non-profit organization providing free business mentoring services to entrepreneurs and small business owners. SCORE has helped over 11 million entrepreneurs start and grow their businesses through a network of over 10,000 volunteer mentors offering one-on-one mentoring, workshops, and online resources.
• ENERGY STARminorStrategic or Co-development PartnerPartnership providing ENERGY STAR REBATE FINDER resources to Neighbors (tenants) to help reduce operational costs and environmental impact through energy efficiency initiatives.
• Hanley Investment Group Real Estate AdvisorsminorChannel Partner/ Reseller/ DistributorReal estate brokerage firm representing PECO in disposition transactions. Arranged sale of Sierra del Oro Towne Centre (110,485 SF, Ralphs/Dollar Tree anchored) in Corona, California as PECO's sixth grocery-anchored center sale in 12 months.
• JLL (Jones Lang LaSalle)minorChannel Partner/ Reseller/ DistributorJLL Capital Markets facilitated the sale of Northpark Village and Commerce Square (220,938 SF total) from PECO to Dunhill Partners. JLL arranged the sale of a 46,800 SF shopping center at 312 South California Avenue in West Covina, CA for approximately $25.8 million from Golden East Investors.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kimco Realty: Kimco Realty (NYSE: KIM) is one of the largest publicly traded owners and operators of open-air shopping centers in North America, with a portfolio that overlaps PECO's in grocery-anchored necessity retail. Both companies pursue scale through acquisition and operate integrated leasing platforms.
• Regency Centers: Regency Centers (NASDAQ: REG) is a premier grocery-anchored shopping center REIT, often cited alongside PECO as a direct competitor in the necessity-anchored open-air retail space. Both focus on dominant trade areas with high-performing grocery anchors as the core investment thesis.
• Federal Realty Investment Trust: Federal Realty (NYSE: FRT) owns and operates high-quality open-air shopping centers, many grocery-anchored. It is a comparable peer in retail REIT scale, tenant mix, and embedded rent growth mechanics, though with a more mixed-use tilt.
• Brixmor Property Group: Brixmor (NYSE: BRX) is one of the largest publicly traded owners of open-air shopping centers in the U.S. with a portfolio comparable to PECO's grocery-anchored community and neighborhood centers. Both pursue accretive acquisitions and active portfolio recycling.
• Kite Realty Group: Kite Realty (NYSE: KRG) is an open-air grocery-anchored shopping center REIT with a similar tenant profile and Sun Belt growth focus as PECO. The two are frequently compared on rent spreads, occupancy, and acquisition pace.
• RPT Realty: RPT Realty (NYSE: RPT) is a grocery-anchored shopping center REIT with a focus on necessity-based retailers in select markets. Its strategy and asset profile closely mirror PECO's lower-density, grocery-anchored community center model.
• SITE Centers: SITE Centers (NYSE: SITC) is an open-air shopping center REIT with a portfolio of grocery-anchored and lifestyle centers. While more concentrated in larger-format centers, it is comparable on the grocery-anchored retail thesis and acquisition-led growth strategy.
• InvenTrust Properties: InvenTrust (NYSE: IVT) is a retail REIT focused on open-air, necessity-anchored shopping centers. Its comparable size, Sun Belt exposure, and external growth strategy make it a relevant peer for PECO's investment narrative.

Broad incumbents

• Phillips Edison & Company: N/A (subject company - omitted from peer list)
• Realty Income: Realty Income (NYSE: O) is the largest net-lease REIT with substantial exposure to retail and grocery tenants. While its triple-net lease structure differs from PECO's operating portfolio approach, it is a broad comparable for grocery-tenant credit exposure and defensive retail positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/phillipsedison
• LinkedInlinkedin.com/company/47287

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phillips Edison & Company